49-11-405 - Service credit from different systems or plans -- Eligibility and calculation of service credit.
49-11-405. Service credit from different systems or plans -- Eligibility andcalculation of service credit.
(1) (a) A member who has service credit from two or more systems or one or moresystems and the Utah Governors' and Legislators' Retirement Plan may combine service credit forpurposes of determining eligibility for retirement.
(b) The provisions of Subsection (1)(a) do not apply to concurrent service.
(2) To be eligible for the calculation under Subsection (3), the member's service creditearned under the different systems or the Utah Governors' and Legislators' Retirement Plan shallat least equal the minimum amount of service credit required to retire from the system whichmost recently covered the member.
(3) If a member meets the requirements of Subsection (2), the office shall calculate themember's allowance using all service credit earned from any system or the Utah Governors' andLegislators' Retirement Plan, with no actuarial reduction applied to the allowance, except theservice credit used to calculate the benefit shall be increased or decreased to reflect the value ofthe assets transferred.
(4) The office shall establish the standards used for calculating any increase or decreasein the service credit.
(5) This section does not apply to a retiree who is subject to Sections 49-11-504 and49-11-505.
Amended by Chapter 264, 2010 General Session